HC Wainwright Predicts Nuvalent FY2024 Earnings

Nuvalent, Inc. (NASDAQ:NUVL) – Stock analysts at HC Wainwright issued their FY2024 earnings estimates for Nuvalent in a research note issued to investors on Monday, December 30th. HC Wainwright analyst S. Ramakanth expects that the company will earn ($3.96) per share for the year. HC Wainwright currently has a “Buy” rating and a $110.00 target price on the stock. The consensus estimate for Nuvalent’s current full-year earnings is ($3.84) per share. HC Wainwright also issued estimates for Nuvalent’s Q4 2024 earnings at ($1.10) EPS, Q1 2025 earnings at ($1.08) EPS, Q2 2025 earnings at ($1.05) EPS, Q3 2025 earnings at ($1.02) EPS, Q4 2025 earnings at ($1.00) EPS, FY2025 earnings at ($4.16) EPS, FY2026 earnings at ($2.88) EPS, FY2027 earnings at ($0.55) EPS and FY2028 earnings at $1.88 EPS.

Nuvalent (NASDAQ:NUVL) last posted its earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same period last year, the firm posted ($0.59) EPS.

Other equities analysts have also issued reports about the company. Guggenheim upped their target price on Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Stifel Nicolaus upped their price objective on shares of Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. BMO Capital Markets raised their target price on shares of Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. UBS Group initiated coverage on shares of Nuvalent in a research note on Thursday, October 24th. They issued a “neutral” rating and a $100.00 price target for the company. Finally, The Goldman Sachs Group upgraded shares of Nuvalent to a “strong sell” rating in a research report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $112.36.

Nuvalent Stock Performance

Shares of NUVL stock opened at $78.28 on Wednesday. The company has a market capitalization of $5.56 billion, a PE ratio of -22.56 and a beta of 1.31. Nuvalent has a 52-week low of $61.79 and a 52-week high of $113.51. The business’s fifty day moving average is $90.16 and its 200 day moving average is $87.36.

Institutional Trading of Nuvalent

Institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp boosted its holdings in Nuvalent by 23.2% in the second quarter. Bank of New York Mellon Corp now owns 137,883 shares of the company’s stock valued at $10,460,000 after acquiring an additional 25,966 shares in the last quarter. Commonwealth Equity Services LLC raised its stake in Nuvalent by 62.0% in the second quarter. Commonwealth Equity Services LLC now owns 4,404 shares of the company’s stock worth $334,000 after buying an additional 1,686 shares in the last quarter. Rhumbline Advisers lifted its holdings in Nuvalent by 18.9% in the second quarter. Rhumbline Advisers now owns 46,611 shares of the company’s stock worth $3,536,000 after buying an additional 7,420 shares during the period. Arizona State Retirement System lifted its holdings in Nuvalent by 15.9% in the second quarter. Arizona State Retirement System now owns 8,215 shares of the company’s stock worth $623,000 after buying an additional 1,127 shares during the period. Finally, Quest Partners LLC bought a new stake in Nuvalent during the 2nd quarter valued at approximately $44,000. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of the firm’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $102.28, for a total value of $2,761,560.00. Following the sale, the chief executive officer now owns 188,113 shares of the company’s stock, valued at $19,240,197.64. This trade represents a 12.55 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Matthew Shair sold 2,000 shares of the business’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $91.73, for a total transaction of $183,460.00. Following the completion of the transaction, the director now owns 224,522 shares in the company, valued at $20,595,403.06. The trade was a 0.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,070,000 shares of company stock valued at $202,035,390 over the last three months. Insiders own 12.52% of the company’s stock.

About Nuvalent

Nuvalent, Inc, a clinical stage biopharmaceutical company, engages in the development of therapies for patients with cancer. Its lead product candidates are NVL-520, a novel ROS1-selective inhibitor to address the clinical challenges of emergent treatment resistance, central nervous system (CNS)-related adverse events, and brain metastases that may limit the use of ROS1 tyrosine kinase inhibitors (TKIs) for patients with ROS proto-oncogene 1 (ROS1)-positive non-small cell lung cancer (NSCLC) which is under the phase 2 portion of the ARROS-1 Phase 1/2 clinical trial; NVL-655, a brain-penetrant ALK-selective inhibitor, to address the clinical challenges of emergent treatment resistance, CNS-related adverse events, and brain metastases that might limit the use of first-, second-, and third-generation ALK inhibitors that is under the phase 2 portion of the ALKOVE-1 Phase 1/2 clinical trial; and NVL-330, a brain-penetrant human epidermal growth factor receptor 2 (HER2)-selective inhibitor designed to treat tumors driven by HER2ex20, brain metastases, and avoiding treatment-limiting adverse events including due to off-target inhibition of wild-type EGFR, which is expected to initiate phase 1 trial.